Canopy Growth to acquire The Supreme Cannabis Company for $435M

  • Canopy Growth Corporation (NYSE:CGC) +0.90% premarket, has agreed to acquire Supreme Cannabis (OTCQX:SPRWF) for ~$435M on a fully-diluted basis.
  • Supreme Cannabis shareholders will receive 0.01165872 of a Canopy common share and $0.0001 in cash in exchange for each share held, representing premium of ~66% on the closing prices of the Supreme Cannabis Shares and Canopy common shares on the Toronto Stock Exchange as of April 7, 2021.
  • The transaction combines Canopy's preeminent position with Supreme Cannabis' Top-10 position in Canada to create a pro forma Canadian recreational market share of 13.6% and combined pro forma market share estimated to be 23.3% of the premium flower segment in Ontario and 21.4% in British Columbia.
  • The addition of Supreme Cannabis' premium brands, 7ACRES and 7ACRES Craft Collective will strengthen Canopy's brand portfolio, with both brands expected to continue to grow with further investment and expansion.
  • "As we continue to expand our leading brand portfolio, we're excited to reach more consumers through Supreme's premium brands and high-quality products, further solidifying Canopy's market leadership," said David Klein, Chief Executive Officer of Canopy. "Supreme's deep commitment to superior genetics, top-tier cultivation and strict quality control, paired with Canopy's leading consumer insights, advanced R&D and innovation capabilities, is expected to create a powerful combination that aligns with our strategic focus to generate growth with premium quality products across key categories."

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